Ripple’s XRP price is down 0.92% and trading at $1.03 over the last day. That is weaker than Bitcoin, which has been mostly flat. The timing is not great for XRP right now. ETF demand is cool
Ripple’s XRP price is down 0.92% and trading at $1.03 over the last day. That is weaker than Bitcoin, which has been mostly flat.
The timing is not great for XRP right now. ETF demand is cooling off, the regulatory picture is still unclear, and the token just cannot seem to reclaim the levels it needs. Over the past week, XRP ETFs pulled in only about $8.15 million, nothing compared to the money flowing into Bitcoin and Ethereum products.
On the chart, the XRP price is stuck below its major moving averages. It keeps testing that $1.00 zone, and so far, buyers have not been able to push it away from there with any conviction.
Even the calendar does not look good. In every U.S. midterm election year on record, Ripple’s XRP has ended August in the red.
Here are five reasons XRP bulls need to remain cautious.
The first problem is institutional demand. Spot XRP ETFs have recorded weak flows, with the latest reported week producing only about $8.15 million in net inflows.
That is not enough to provide a strong demand catalyst, especially when Bitcoin and Ethereum ETFs continue to attract larger amounts of capital.
For the XRP price to recover sustainably, ETF demand needs to improve. Until then, the lack of institutional buying leaves XRP more exposed to broader altcoin weakness.
The technical picture also favors the bears. The XRP price remains below its 20-day, 50-day, 100-day and 200-day EMAs, with the moving averages pointing downward.
That creates a clear bearish structure across several time frames. XRP would first need to reclaim these levels before bulls can argue that the downtrend has been broken.
The $1.00 area remains the most important level for XRP right now. The price has continued to trade close to this psychological support, and the recent structure contains a series of lower highs.
If Ripple’s XRP price drops below $1.01 and cannot bounce back above it, things could get worse. That would open the door to another test of $0.98. And if sellers keep pushing, lower levels would come into play after that.
Regulation is still hanging over XRP. The CLARITY Act does not have bipartisan support yet, so the market still does not have the kind of clear rules that many investors were hoping for.
That matters because clear rules would make it easier for big institutions to put more money into assets like XRP. Until we see real progress on that front, regulators are going to stay cautious.
Related XRP News: Crypto Price Prediction for Today, August 10: XRP, Ethereum (ETH) and Bitcoin (BTC)
Historical data gives bulls another reason to be careful. Here is something worth noting. In every U.S. midterm election year on record, XRP has ended August in the red.
Back in 2014, it dropped 5.7% that month. In 2018, it fell 23%. And in 2022, it was down 13.7%. On average, that is about a 14% decline across those three years.
Now, history does not guarantee what happens this time. But it does give traders one more thing to think about.
For the bulls to have a real case, the XRP price needs to get back above its key moving averages, hold that $1.00 level, and see stronger ETF demand. Until then, the picture is tough to defend.
The XRP price is under pressure from weak ETF flows, regulatory uncertainty, and a bearish technical setup below the 20-day, 50-day, 100-day and 200-day EMAs.
Will XRP fall below $1A sustained break below the $1.00 support could expose the XRP price to $0.98 and potentially lower levels if selling pressure increases.
Is XRP bullish or bearish right nowXRP has a bearish short-term setup because the price remains below its major moving averages, ETF demand is weak, and the token continues to trade close to the $1 support level.
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The post 5 Reasons XRP Bulls Shouldn’t Get Too Excited Yet appeared first on CaptainAltcoin.
